AMP Reaches to Year Lows; Can It Bounce Back to All-Time Highs?

AMP token was suddenly a thunderous response after the first few months of mummed momentum since its release in September 2020. The spike in the first half of 2021 was legendary but now obvious as it was a good few months for the entire crypto markets.

Unlike the major cryptocurrencies, AMP could not hit fresh highs during the second bull run after August 2021, creating stronger resistance levels. In reality, AMP was hyped-up during the first bull run of 2021, but investors got smarter during the second bull run, which they used as a profit booking level. 

AMP intends to become the digital token that allows verifiable collateralization, which could be directly verified on the Ethereum blockchain. Their native token, named AMP, is not a direct measure of the ecosystem’s performance but a valuation calculation for the pump and jump behavior of the cryptocurrencies.

Utility tokens such as AMP are not meant to be a storage value token; hence, they have a much larger supply volume. Those who bought AMP token as a storage value token that would pump to $1 type market scenarios took the wrong token into their portfolio. Utility tokens should be acquired long-term with steady buys every repeated interval.

AMP token being in a negative trend that transcends each short-term support level, has now consolidated around its latest support level of $0.00815. Read AMP price prediction to know the detailed price projections of the token.

AMP price analysis

AMP token has a negative impact on potential investors, but a token with a 42 billion supply size will require a massive jump to reach a $1 valuation considering its current value of $0.0087.

Under this price level, AMP should only be considered a utility platform that can continue to evolve and grow. Since breaching the support levels of 2021, AMP has seen a substantial decline causing a cascading loss of value.

The sudden pump in its price in short intervals is a result of spiked buying that caused a notable price rise. Such momentums have been repeating in nature, and one needs to either book partial profits if witnessed such an instance to remain safer.

RSI has been dipping since the June 30th spike, with support tested against the buying sentiment. As only 46% of its total token supply has entered the markets, we can expect the market to remain volatile in the longer run, but based on its utility, AMP showcases immense growth potential.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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